India plans to enact a cross-border insolvency law and take steps to make bankruptcies of individuals easier as part of reforms aimed at speeding up the resolution of stressed assets, according to the governments Economic Survey for 2018-19.
The cross-border insolvency law will not only provide a transparent and predictable mechanism to deal with issues involving investors, banks and companies in more than one country but also push up foreign investment into India, the survey said.
The survey, tabled in parliament by finance minister Nirmala Sitharaman, said the law will address the key tenets of cross-border insolvency access, recognition, relief and cooperation by providing a comprehensive legislative and regulatory framework.
The survey…
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